2018-01-19
Wave summary:
Of course the "top" at 136.10 needed to be broken slightly, the new corrective top has been seen at 136.31. This should do the job and complete the corrective rally from 133.01 and turn prices lower towards 131.11 as the next downside target.
Short-term a break below minor support at 135.42 will indicate wave B has completed and wave C lower is developing.
R3: 136.64
R2: 136.31
R1: 136.05
Pivot: 135.42
S1: 135.11
S2: 134.95
S3: 134.75
We are short EUR from 134.74 with stop placed at 136.75.
Elliott wave analysis of EUR/NZD for January 19, 2018
2018-01-19
Wave summary:
The corrective decline from 1.6937 is unfolding as expected and should spike lower to 1.6679 before completing and set the stage for the next impulsive rally higher towards 1.7360 on the way higher to 1.7777.
Only a direct break above minor resistance at 1.6839 will tell us that wave ii ended early and wave iii higher to 1.7360 is developing.
R3: 1.6937
R2: 1.6860
R1: 1.6840
Pivot: 1.6737
S1: 1.6711
S2: 1.6679
S3: 1.6613
Trading recommendation:
We will buy EUR at 1.6695 or upon a break above 1.6845.
Technical analysis of NZD/USD for January 19, 2018
2018-01-19
NZD/USD is expected to trade with a bullish outlook. The pair remains supported by an intraday rising trend line, and is likely to challenge its next resistance at 0.7330, representing Jan 17 top. The relative strength index is turning up, and also broke above its neutrality area at 50. Last but not least, a strong support base at 0.7275 has formed, and should limit any downside room.
Hence, above 0.7275, look for further advance to 0.7330 and 0.7350 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7330, 0.7350, and 0.7370.
Support levels: 0.7255, 0.7230, and 0.7200.
Technical analysis of GBP/JPY for January 19, 2018
2018-01-19
In line with our predictions, GBP/JPY is moving upward. The pair is now trading on the upside within its bullish channel. Both the 20-period and 50-period moving averages are heading upward, confirming a positive outlook. In addition, a strong support at 153.60 should limit any downward attempts.
Therefore, as long as 153.60 holds on the downside, likely advance to 154.60 and 154.95 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 153.60 with the target at 153.10
Strategy: BUY, stop loss at 153.60, take profit at 154.60
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 154.60, 154.95, and 155.50.
Support levels: 153.10, 152.50, and 152.00
Technical analysis of USD/CHF for January 19, 2018
2018-01-19
Our first downside target which we predicted in yesterday's analysis has been hit. USD/CHF is under pressure. The pair has pulled back, and is now challenging its horizontal support at 0.9530. The nearest key resistance at 0.9610 maintains the strong selling pressure. Besides, the relative strength index is bearish below its neutrality area at 50, and calls for a new drop.
In which case, as long as 0.9610 is not surpassed, likely decline to 0.9530 and 0.9490 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: Sell, stop loss at 0.9530, take profit at 0.9530.
Resistance levels: 0.9650, 0.9670, and 0.9700
Support levels: 0.9530, 0.9490, and 0.9455.
Technical analysis of USD/JPY for January 19, 2018
2018-01-19
USD/JPY is under pressure. The pair retreated from 111.45 (the high of January 18) and recorded the process of lower tops and lower bottoms, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is mixed to bearish.
Therefore, below 111.20, look for a new drop with targets at 110.50 and 110.20 in extension.
Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.20 with a target of 111.45.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 111.20, take profit at 110.50.
Resistance levels: 111.45, 111.70, and 112.05
Support levels: 110.50, 110.20, and 109.65.
Technical analysis of gold for January 19, 2018
2018-01-19
Gold price continues to trade above the $1,320-$1,309 support area where it last made a consolidation before the breakout to $1,345. Trend remains bullish in the medium-term. Important long-term resistance is at $1,350.
Orange rectangle - support area
Gold price has made a sharp rise off the $1,237 lows in past December and has reached the long-term resistance of $1,350. Price is expected to pull back towards the 38% Fibonacci retracement at least. Only a break below $1,260 could signal that a decline below $1,237 is possible.
Blue line - long-term support
Magenta line -long-term resistance
Gold price has reached important resistance area. A rejection here is very possible. A lower high on a Daily basis here could signal a move lower even towards the long-term blue trend line support. The slope of the rise was very sharp and stopped right at the triangle resistance. I expect a pull back.
Technical analysis of USD/CHF for January 19, 2018
2018-01-19
Gold price has made a sharp rise off the $1,237 lows in past December and has reached the long-term resistance of $1,350. Price is expected to pull back towards the 38% Fibonacci retracement at least. Only a break below $1,260 could signal that a decline below $1,237 is possible.
Blue line - long-term support
Magenta line -long-term resistance
Gold price has reached important resistance area. A rejection here is very possible. A lower high on a Daily basis here could signal a move lower even towards the long-term blue trend line support. The slope of the rise was very sharp and stopped right at the triangle resistance. I expect a pull back.
Technical analysis of USD/CHF for January 19, 2018
2018-01-19
Overview:
The USD/CHF pair opened below the weekly pivot point (0.9592). It continued to move downwards from the level of 0.9592 to the bottom around 0.9541. Today, the first resistance level is seen at 0.9592 followed by 0.9644, while daily support 1 is seen at 0.9481. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.9541. So it will be good to sell at 0.9541 with the first target of 0.9481. It will also call for a downtrend in order to continue towards 0.9422. The strong daily support is seen at the 0.9422 level, which represents the double bottom on the H4 chart. According to the previous events, we expect the USD/CHF pair to trade between 0.9592 and 0.9422 in coming hours. The price area of 0.9592 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9592 is not broken. On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the resistance level of 0.9592, then a stop loss should be placed at 0.9644.
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